Insurers are seeing more opportunity in global markets. In fact, with growth slowing in mature markets, 88 percent of global insurance CEOs see greater potential in the still-under-penetrated emerging markets of South America, Asia, Africa and the Middle East, according to a report from PwC.
Allianz Global Corporate & Specialty AG (AGCS) is one of those insurers looking to new markets. It recently launched a legal entity known as Allianz Global Corporate & Specialty Resseguros Brasil (AGCS Brazil). Through the launch, AGCS aims to triple its premium income from emerging markets in the next five years, and Brazil is an important cornerstone in realizing its growth strategy, according to the January announcement. Brazil represents about 50 percent of the market potential to AGCS in South America, and after enhancing operations in Brazil, AGCS will look to further expand across South America. "Our staff is a combination of local insurance insiders and selected foreign experts with proven global experience," says Drault Ernanny, head of market management in Brazil. "Applying global industry standards, but also following local best practices will enable us to better serve our Brazilian clients."
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